Solving Crypto's Oracle Problem | Mike Cahill

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Dec 12, 2023

Mike Cahill, CEO of Duro Labs and contributor at Pyth Network, discusses how Pyth Network addresses failings in both the current Oracle system in crypto and the traditional capital markets. Topics include the monopolization of data in traditional capital markets, the Oracle problem in crypto, collaboration and competition in the financial market data industry, revenue projections in DFI and crypto markets, upcoming institutional conference, the role of token in the PIF network, and the importance of open-source projects.

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Introduction

00:00 • 2min

Monopolization of Data in Traditional Capital Markets and the Oracle Problem in Crypto

01:35 • 19min

Collaboration and Competition in the Financial Market Data Industry

20:42 • 16min

Revenue Projections and Market Opportunities in DFI and Crypto Markets

36:45 • 4min

Upcoming Institutional Conference and Token Compensation Solution

40:23 • 2min

The Role of Token in the PIF Network

42:50 • 14min

The Importance of Open Source and Building the Best Oracle

57:17 • 3min

In this episode Jason and Santi are joined by Mike Cahill, CEO of Douro Labs and contributor at Pyth Network, an oracle that publishes financial market data to multiple blockchains. The conversation delves into how Pyth Network addresses failings in both the current Oracle system in crypto and the traditional capital markets. Cahill discusses how the network has evolved, its present accomplishments, the benefits of their governance token, and their approach to rewards. To close out Mike outlines potential future developments and the network's greater aim of inviting widespread participation in its open-source projects.

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Timestamps:

00:00 The Market Data Monopoly

09:13 The Oracle Problem

21:19 Origins of Pyth

30:40 The Business Model & Revenue

40:21 DAS 2024

41:36 Toku Ad

41:56 The Role of PYTH Token

55:21 Reward Mechanism for Pyth Network

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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.